Tuesday, October 25, 2016

Reporting principal residence sales at tax time

Recent changes means  you must report any and all real estate sales at tax time.

Not only did the mortgage rules change this year, but now you are also required to report any and all real estate sales at tax time.  Yes, that includes a principal residence. 

Although the sale of your principal residence will be more of a compliance issue than an actual change in what you have to pay for your taxes, there could be implications if you fail to report a sale or misrepresent the sale and there is a great deal to consider if you have more than one property that you own.

To help you further understand the changes take a look at these 8 questions you might have about principal residence tax rules.

Friday, October 21, 2016

A woman's make-up pays the mortgage

Canadian females are better at fulfilling their mortgage obligations than males.  It has to do with their make-up.

A woman's psychological make-up actually makes them more likely to make sure the mortgage is paid. It boils down to risk aversion which women have more of than men.

Get the full story here.

Thursday, October 13, 2016

You must qualify for a higher mortgage rate

Ottawa has tightened mortgage lending rules that will limit the amount many Canadians can borrow to help ensure that when interest rates rise, they’ll still be able to make their payments.

Basically the change means that borrowers must be able to qualify for their mortgage using a higher interest rate than they will actually be paying on their mortgage. With the new rules, first time home-buyers will probably have to reduce some of the things on their wish list for that first home. 

Get the full story on the changes coming into effect October 17, 2016